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13557 Fairfield Drive Corona, CA 92883

3 Beds 2 Baths 1,798 sqft Built 1999

$510,000

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 08, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $283.65
  • 7 Days on Market
  • MLS # : SW20252959
  • Updated Date : 12/10/2020 at 09:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,798 sqft
  • Baths : 2 full
Listing Agent

Rancon Real Estate-murrieta

Listing Agent's Description

Inviting Horsethief Canyon home, features 1,798 square feet with 3 spacious bedrooms, a generous loft/office area with 2.5 baths as well as dining/formal living room that draws you towards the great/combination room adjoined to the open kitchen and family room. Additionally, a laundry room is adjacent to the attached 2 car garage. Outside of the home, there is a beautiful park like backyard, covered patio, with fully paved RV parking. Additional updates include: interior and exterior paint, new laminate wood flooring throughout the downstairs area extending to the stairway, hallways and loft, built in entertainment cabinet in family room, newer carpet in bedrooms. New tile flooring in upstairs bathroom, new ceiling fans and can lights in dining area. Horsethief Canyon Ranch HOA offers: clubhouse, fitness center, recreation room, 2 swimming pools (one is kept heated year round), 2 spas, kid pools, basketball, tennis, and volleyball courts, meandering walking trails and parks throughout the community. This home is close to regional shopping districts, the 15 freeway and Luiseno Elementary school (K-8).

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MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)

PRICE & RENT TRENDS

Neighborhood: Horsethief Canyon Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Horsethief Canyon Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822579

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Luiseno Elementary School Primary Regular 1,042 42 4
Luiseno Elementary School Middle Regular 1,042 42 4
Temescal Canyon High School High Regular 2,172 89 7

Luiseno Elementary School

  • Education Level: Primary
  • # of students: 1,042
  • # of teachers: 42
4
GreatSchools Rating

Luiseno Elementary School

  • Education Level: Middle
  • # of students: 1,042
  • # of teachers: 42
4
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$459,000$561,000$510,000

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$1,882
Property Tax -$448
Property Insurance -$71
HOA -$85
Property Management Fees -$142
CASH FLOW
-$218

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$510,000

PROJECTED PRICE

$2,410

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$140,900

INVESTMENT

$140,900

Down Payment
$127,500
Rehab Estimate
$5,750
Closing Costs
$7,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $127,500
Loan Amount $382,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$19,474

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,410

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $2,418

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4003$2,4004$2,4105$2,500
$2,500
RENT COMPS ANALYSIS
  • 13557 Fairfield Drive Corona, CA 4
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $1.34
    •  
  • 27355 Bunkerhill Drive Corona, CA 1
    • 4 beds 3 baths ∙ 1,798 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,798 Sqft ∙ Built 2001
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 27292 Eagles Nest Drive Corona, CA 2
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 27566 Bunkerhill Drive Corona, CA 3
    • 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1999
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 13393 Indian Bow Circle Corona, CA 5
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.39
    •  
PROPERTY LISTING DETAILS
Lupe Hayes
Rancon Real Estate-murrieta
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20252959
Last Updated: 12/10/2020
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